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Although a rise in margins as inflation first picked up last year led politicians to denounce corporate “greedflation”, after-tax profits in fact tend to come down as a share of GDP when price rises persist, based on the experience of all American firms since 1950.
尽管在去年通胀首次抬头时，利润率因此上升，引发政界人士谴责企业“贪婪膨胀”，但实际上，根据1950年以来所有美国公司的经验，当价格持续上涨时，税后利润占国内生产总值的比例往往会下降。
To create shareholder value in this environment companies must increase their cashflows in real terms.
为了在这种环境下创造股东价值，企业必须增加实际现金流。
That means a combination of cutting expenses and passing cost inflation on to customers without dampening sales volumes.
这意味着在不影响销量的情况下，既要削减开支，又要将成本膨胀转嫁给客户。
Cost-cutting will not be easy.
削减成本并非易事。
The prices of commodities, transport and labour remain elevated and most companies are price-takers in those markets.
大宗商品、运输和劳动力的价格仍然居高不下，大多数公司又都是这些市场的价格接受者。
Supply-chain constraints have begun to ease a bit and may keep easing in the coming months.
供应链的限制已经开始有所缓解，并可能在未来几个月继续放松。
But disruptions will almost certainly continue.
但几乎可以肯定的是，妨碍将继续存在。
In April Apple lamented that the industry-wide computer-chip shortage is expected to create a $4bn-8bn “constraint” for the iPhone-maker in the current quarter.
今年4月，苹果曾哀叹，整个行业的电脑芯片短缺预计将在本季度给他们这家iPhone制造商带来40亿至80亿美元的“限制”。
The input bosses can control most easily is labour.
老板们最容易控制的投入是劳动力。
After months of frenzied hiring, companies are looking to protect margins by getting more from their workers—or getting the same amount from fewer of them.
在疯狂招聘了数月后，企业正指望通过从员工那里获得更多利润--或者从更少的员工那里获得相同利润的方式，来保护利润。
The labour market remains drum-tight: in America wages are up by more than 5% year on year and in April lay-offs hit a record low.
劳动力市场仍然紧张：在美国，工资同比增长了5%以上，4月份的裁员人数创历史新低。
But, in some corners, the pandemic hiring binge to meet pent-up demand is being unwound.
但是，在一些角落，为满足人们被压抑的需求而掀起的疫情招聘狂潮正在消退。
尽管在去年通胀首次抬头时，利润率因此上升，引发政界人士谴责企业“贪婪膨胀”，但实际上，根据1950年以来所有美国公司的经验，当价格持续上涨时，税后利润占国内生产总值的比例往往会下降。
To create shareholder value in this environment companies must increase their cashflows in real terms.
为了在这种环境下创造股东价值，企业必须增加实际现金流。
That means a combination of cutting expenses and passing cost inflation on to customers without dampening sales volumes.
这意味着在不影响销量的情况下，既要削减开支，又要将成本膨胀转嫁给客户。
Cost-cutting will not be easy.
削减成本并非易事。
The prices of commodities, transport and labour remain elevated and most companies are price-takers in those markets.
大宗商品、运输和劳动力的价格仍然居高不下，大多数公司又都是这些市场的价格接受者。
Supply-chain constraints have begun to ease a bit and may keep easing in the coming months.
供应链的限制已经开始有所缓解，并可能在未来几个月继续放松。
But disruptions will almost certainly continue.
但几乎可以肯定的是，妨碍将继续存在。
In April Apple lamented that the industry-wide computer-chip shortage is expected to create a $4bn-8bn “constraint” for the iPhone-maker in the current quarter.
今年4月，苹果曾哀叹，整个行业的电脑芯片短缺预计将在本季度给他们这家iPhone制造商带来40亿至80亿美元的“限制”。
The input bosses can control most easily is labour.
老板们最容易控制的投入是劳动力。
After months of frenzied hiring, companies are looking to protect margins by getting more from their workers—or getting the same amount from fewer of them.
在疯狂招聘了数月后，企业正指望通过从员工那里获得更多利润--或者从更少的员工那里获得相同利润的方式，来保护利润。
The labour market remains drum-tight: in America wages are up by more than 5% year on year and in April lay-offs hit a record low.
劳动力市场仍然紧张：在美国，工资同比增长了5%以上，4月份的裁员人数创历史新低。
But, in some corners, the pandemic hiring binge to meet pent-up demand is being unwound.
但是，在一些角落，为满足人们被压抑的需求而掀起的疫情招聘狂潮正在消退。
